‘Well grubbed, old mole!’: The press, the Institute of Economic Affairs and the propagation of neo-liberalism in the UK

Abstract

© The Author(s) 2021. This article considers how before and after the Tories came to power in 1979, The Times and the Daily and Sunday Telegraph consistently propagated ideas emanating from the free-market think-tank the Institute of Economic Affairs. It argues that this was part of a wider process in which the post-war Keynesian consensus came under fire from sections of both the media and the political class, and heralded an era in which neo-liberal ideas would come to constitute a new form of economic ‘common sense’. Given the dominance of this perspective, most of the mainstream media failed to anticipate the 2008 financial crisis and have repeatedly endorsed austerity as the only means of reducing the ensuing deficit.